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Dictionary
ground rent
noun
Rent paid for the land, usually for a long-term lease or in perpetuity, where the land-owner and the owner of improvements are different; the improvements are effectively security for the payment of the rent.
Exact(60)
Ground rent £250.
The leasehold of the garage comes with a £25 annual ground rent charge.
He retained the leaseholds, bought others, and collected the ground rent.
The agreement allows Gateway to charge a ground rent of £250 a year, rising with RPI.
Since then the ground rent has gone up to £32,000 a year.
But after the building was destroyed, his ground rent fell to $150,000.
You have to pay ground rent to the owner of the land, who is the freeholder.
"The initial £250 ground rent is backdated to 1961 and doubles every 10 years.
They don't mention that the ground rent doubles every 10 years".
(The amount includes a ground rent to the Battery Park City Authority, paid by all of the neighborhood's buildings).
Ground rent is £500 a year and service charges are from £3,279 up to £3,726.
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